XRP Sees $184 Million Move as Price Rebounds

XRP has extended its recent rally into today, but it still remains uncertain whether whales are positioning for or against its price upswing, as they continue to move large amounts of tokens.

Amid the ongoing price surge, multiple crypto transfers carrying large amounts of XRP have been spotted by popular blockchain monitoring firm, Whale Alert.

$184 million XRP mystery stirs reactions

The tracker showcased data revealing that a massive 95,000,000 XRP worth over $184 million was moved between two unknown wallets during the latter hours of Monday, December 22.

The transfer, which was made in one go, has sparked reactions across the crypto community because of its mysterious nature. While the sender and destination of the tokens remain unknown, it is difficult to determine the purpose of the transfer.

Nonetheless, it is important to note that the transfer has come at a time when the token is trading positively, with its price registering a decent 1.41% surge over the last 24 hours. The asset is trading at $1.93 as of writing time.

Considering the positive timing of the transfer, speculators have suggested that the move may not be an attempt to sell the token but could rather have been of a positive cause for the leading altcoin.

However, others have suggested that it could be a mere institutional repositioning for purposes that project little to no influence on the asset’s performance.

XRP retains impressive institutional demand

While XRP has continued to show mixed price action since the last quarter of the year, it has continued to see strong interest from institutional investors, especially since the emergence of the first XRP ETF in early November.

As momentum within the XRP ETF ecosystem continues to grow, the funds have maintained steady inflows since their first day of launch to date.

Over the last week, the funds pulled in over $82 million in total inflows, positioning the asset for a positive long-term outlook.